Are you feeling stressed about money? If so, you're not alone. According to the American Psychological Association, 60% of American adults say that money is a significant source of stress in their lives.
The good news is that financial stress doesn't need to last forever. Taking steps to get organized and gain control of your finances will help you manage financial worry and gain greater peace of mind.
Tackle money stress and feel more confident about your finances with these tips:
Shift your money mindset
In order to feel better about your financial situation, it's important to get into the right mindset. Here are a few strategies to help:
-Think positively. Instead of zeroing in on what's going wrong, try reflecting on positive steps you have made so far in your journey – maybe you started to track your spending or started saving for a goal. Any progress is better than none! -Let go of money shame. Everyone makes mistakes sometimes, so be kind to yourself! By letting go of shame about money, you can move forward on your financial journey. -Avoid the comparison game. Social media, family and friends can lead us to compare ourselves and our finances to others. But remember, most people only share the best version of their lives on social media and with others. If comparing your financial wellbeing to others online is adding to your stress, consider taking a social media break.
-Think positively. Instead of zeroing in on what's going wrong, try reflecting on positive steps you have made so far in your journey – maybe you started to track your spending or started saving for a goal. Any progress is better than none!
-Let go of money shame. Everyone makes mistakes sometimes, so be kind to yourself! By letting go of shame about money, you can move forward on your financial journey.
-Avoid the comparison game. Social media, family and friends can lead us to compare ourselves and our finances to others. But remember, most people only share the best version of their lives on social media and with others. If comparing your financial wellbeing to others online is adding to your stress, consider taking a social media break.
Make a savings plan
Another way to combat financial stress is to get into the habit of saving money consistently. One strategy is to open separate secondary savings accounts or share accounts for your long-term expenses and goals. Then, set up automatic, recurring transfers into your accounts so you can save money without even thinking about it!
Tap into technology
Are you feeling overwhelmed about organizing and managing your money? WPCU's digital tools and services can help! With Mobile and Online Banking, you can get a clear snapshot of your finances anytime, anywhere. WPCU's Online Bill Pay makes it simple to organize your bills and pay them when they're due, which can help you stress less about missing a payment. You can also use WPCU's free Money Management tool to track spending across all your accounts, build budgets and set goals.
Embrace financial learning
It's never too late to build money management skills—and you don't have to do it alone! WPCU is here to help you learn a lot about your finances and make smart decisions about spending, saving, borrowing and planning, no matter where you are on your financial journey. Take a look at our helpful financial videos, interactive learning modules, Finances in Focus livestreams and budgeting worksheets.
Celebrate financial wins
One great way to build financial confidence is to celebrate every financial “win" you have—big or small. Whenever you hit an exciting milestone, write it down in a notebook and look back whenever you're feeling stressed about money. It will remind you of how far you've come and help you stay motivated to keep going!
WPCU is here for you, no matter what financial challenges you're facing. If you're feeling stressed about money, we can help you find a way forward! We want to help you achieve greater financial flexibility and freedom so you can live the life you want to live. For more helpful tools and resources, explore our online Education Center.